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G7 releases 100 million barrels from reserves

Diesel fell more than 4% and Trump gave the plan his immediate approval, but the G7 never said which members are putting up how much of the 100 million barrels coming out of emergency reserves. Crude and diesel both move over a four-month window, with the diesel portion front-loaded across the first 20 days. The arrangement landed a day after Trump threatened to cut off U.S. diesel exports unless Germany and France drew down their own stockpiles. Member nations also pledged not to restrict energy shipments among themselves. Some analysts read the whole thing as a political gesture meant to talk Trump out of an export ban, and the timing puts it roughly a month ahead of the midterms. Source: Reuters / Writer: Daniyal

1h

Jolyon@jolyon

Follow

G7 releases 100 million barrels from reserves

Diesel fell more than 4% and Trump gave the plan his immediate approval, but the G7 never said which members are putting up how much of the 100 million barrels coming out of emergency reserves. Crude and diesel both move over a four-month window, with the diesel portion front-loaded across the first 20 days. The arrangement landed a day after Trump threatened to cut off U.S. diesel exports unless Germany and France drew down their own stockpiles. Member nations also pledged not to restrict energy shipments among themselves. Some analysts read the whole thing as a political gesture meant to talk Trump out of an export ban, and the timing puts it roughly a month ahead of the midterms. Source: Reuters / Writer: Daniyal

1h